Month: August 2021

IRS issues ERC guidance as Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The…
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SBA streamlines forgiveness for smaller PPP loans

PPP loan forgiveness 2021

  The Small Business Administration (SBA) has released new guidance intended to expedite the PPP loan forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less.  The SBA reports these loans account for 93% of outstanding PPP loans. The guidance comes at…
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